Business
Nano One Provides Quarterly Progress Update and Reports Q4 2022 Results
VANCOUVER, BC / ACCESSWIRE / March 31, 2023 / (TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB) Nano On...
About this update from Nano One Materials Corp
[{"type":"text","content":"Nano One Provides Quarterly Progress Update and Reports Q4 2022 ResultsVANCOUVER, BC / ACCESSWIRE / March 31, 2023 / (TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB) Nano One® Materials Corp. (\"Nano One\" or the \"Company\") is a clean technology company with patented processes for the low-cost, low-environmental footprint production of high-performance cathode materials used in lithium-ion batteries. Nano One has filed its audited annual consolidated financial statements (the \"financial statements\"), management's discussion & analysis (\"MD&A\"), and annual information form (\"AIF\") as at and for the year ended December 31, 2022 (\"Q4 2022\") and is pleased to provide the following highlights from Q4 2022.Q4 2022 Highlights and HeadlinesWorking capital of ~$40.6 million; cash of ~$39.5 millionAcquisition of Johnson Matthey's 80,000 ft2 Candiac production facility in Montreal successfully closed.The only existing North American lithium iron phosphate (\"LFP\") production facility.Addition of ~50 experienced professionals with nearly 400 years of scale-up, commercialization, and cathode manufacturing expertise on LFP to the Nano One team.Commenced One-Pot trials and decommissioning of unused equipment.Joint Development Agreement entered into with Umicore\"2022 was a pivotal year for Nano One,\" said CEO Dan Blondal, \"The successful completion of the Candiac acquisition has now added approximately 50 talented professionals to our team and a state-of-the-art LFP production facility, giving us an enviable head-start on the emerging LFP market. We are in a strong position to expand our business rapidly to meet the growing demand for high-performance battery materials.Our innovative One-Pot process provides a significant opportunity to differentiate our supply chain, both economically and environmentally, and we are confident that it will enable us to create a sustainably robust and secure supply chain, that can be one hundred percent domiciled in North America, to serve markets in Canada, the USA, Europe, Indo-Pacific region, and other emerging battery jurisdictions. We look forward to leveraging our expertise and capabilities to drive business, commercial, and plant conversion decisions in 2023 and beyond.\"Corporate Milestones for Q4 2022Acquisition of Johnson Matthey Battery Materials Ltd.On November 1, 2022, the Compa...